Put a Trillion Dollars in Your Pocket

Good news. The Obama administration efforts to stop the decline in house prices is succeeding. In fact, they are claiming that their efforts have led to an increase in house prices in the US which has put $1 trillion back into taxpayer's pockets (their household assets). From the Calculated Risk blog:

Home price performance has improved. After 30 straight months of decline and an expectation of continued significant deterioration, home prices have leveled off in the past year and expectations have adjusted upward. Homeowners have benefitted from the stabilization, as owner equity has increased by over $1 trillion since the first quarter of 2009

Here's a graphic portrayal the difference between expected house prices back a year-and-a-half ago versus the expectation today. This is great because it will help reduce the number of foreclosures...

Click to EnlargeObama needs to be congratulated on this. He's having so much difficulty getting Congress to collaborate. It is imporatant to acknowledge every one of his successes.

Click here to see the Obama administration press release. (Lots of data & graphs.)